September 15 Vote to Bring Clarity for Crypto Industry
Coinbase CEO Brian Armstrong says that regardless of the outcome on September 15, the crypto industry will gain regulatory clarity. The Senate is set to vote on the Digital Asset Market Clarity Act, which would establish a formal federal framework for crypto exchanges and define which tokens are securities and which are commodities.
The bill divides crypto oversight between the SEC and CFTC, with the SEC handling tokens classified as securities and the CFTC overseeing decentralized commodities like Bitcoin. Armstrong says that the bill has broad bipartisan support and that law enforcement groups, banks, and crypto companies are all backing it.
The main issues Coinbase had previously flagged 'have now been resolved,' according to Armstrong, although one area still being worked out is the ethics provision for elected officials who hold digital assets. Democrats are asking for something slightly stricter, including divestiture rules, but both sides 'appear to be very close to a solution.'